Transactions
& Case Studies

Sonic Automotive, Inc.’s convertible senior notes and follow-on equity offering

Date Announced:
9/16/2009

client:
Sonic Automotive, Inc.

Status:
Closed – 9/2009

Value:
$150 million Convertible Senior Notes, $91 million Follow-on Equity Offering

Hudson’s Bay Company’s term loan facility

Date Announced:
9/10/2009

client:
Hudson’s Bay Company

Status:
Closed – 9/2009

Value:
$80 million

Beazer Homes USA, Inc.’s senior notes offering

Date Announced:
9/2/2009

client:
Beazer Homes USA, Inc.

Status:
Closed – 9/2009

Value:
$250 million Read the case study

Trusted advisor to Beazer Homes USA

Moelis & Company has served as financial advisor to Beazer Homes USA, Inc. (“Beazer,” NYSE: BZH), one of the country’s 10 largest single-family homebuilders, in its recapitalization efforts since April 2009, which has resulted in enhanced financial flexibility and allowed the company to continue to pursue growth opportunities.

On September 3, 2009, Beazer announced the pricing of $250 million of new 12.0% senior secured notes due 2017. The B1/CCC+ notes were issued at a price of 89.5% of par to yield 14.215%. Net proceeds from the offering were used to fund or replenish cash that had been used to fund open-market repurchases of Beazer’s outstanding senior notes, totaling over $370 million in principal amount. This transaction was a key step in providing cushion to the company’s tangible net worth covenant and extending its pending debt maturities.

On January 6, 2010, Beazer executed a concurrent $103 million common stock and $58 million mandatory convertible note offering. The anticipated two-day marketing process was shortened to a single day, and the common stock offering was upsized from 18.0 million to 19.5 million shares due to strong investor demand.

On May 3, 2010, Beazer executed a concurrent offering of $73 million common stock, $75 million tangible equity units and $300 million senior unsecured notes. Beazer raised approximately 36% of its pre-launch market value, half in the form of common equity and half in the form of tangible equity units. During the one-day marketing process, while the Dow and the S&P 500 declined 2.0% and 2.4%, respectively, and the homebuilding index decreased 3.4%, the equity offering successfully priced at a 15.6% discount to the prior-day market close and the senior notes priced in the middle of the expected range.

On July 10, 2012, Beazer priced concurrent offerings for $64 million of common stock and $100 million of tangible equity units. Beazer raised approximately 47% of its pre-launch market value, and the new equity provided substantial liquidity to further capitalize on the housing recovery. Moelis & Company acted as co-manager on the above transactions.”

Life Technologies Corporation’s sale of mass spectrometry business to Danaher Corporation

Date Announced:
9/1/2009

client:
Life Technologies Corporation

Status:
Closed – 9/2009

Value:
$450 million

Advent International Corporation’s acquisition of Charlotte Russe Holding

Date Announced:
8/23/2009

client:
Advent International Corporation

Status:
Closed – 10/2009

Value:
$380 million

The Reader’s Digest Association, Inc.’s Chapter 11 Reorganziation

Date Announced:
8/16/2009

client:
Steering Committee of Secured Lenders of The Reader’s Digest Association, Inc.

Status:
Closed – 2/2010

Value:
$2.3 billion

YORK Label’s senior secured credit facilities amendment

Date Announced:
8/11/2009

client:
YORK Label

Status:
Closed – 8/2009

Value:
$190 million

WebMediaBrands Inc.’s sale of Enterprise IT Division to QuinStreet, Inc.

Date Announced:
8/9/2009

client:
WebMediaBrands Inc.

Status:
Closed – 8/2009

Value:
Undisclosed

Caraustar Industries Inc.’s Chapter 11 Reorganization

Date Announced:
8/4/2009

client:
Ad Hoc Group of Senior Noteholders of Caraustar Industries Inc.

Status:
Closed – 8/2009

Value:
$219 million

Clear Channel Communications, Inc.’s cash tender offer of bonds

Date Announced:
8/2/2009

client:
Clear Channel Communications, Inc.

Status:
Closed – 8/2009

Value:
$412 million

Pinnacle Entertainment, Inc.’s senior notes offering

Date Announced:
7/26/2009

client:
Pinnacle Entertainment, Inc.

Status:
Closed – 7/2009

Value:
$450 million

Univision Communications Inc.’s acquisition of WQXR-FM radio station

Date Announced:
7/14/2009

client:
Univision Communications Inc.

Status:
Closed – 7/2009

Value:
Undisclosed

Pilot Travel Centers LLC’s merger with Flying J Inc. and divestiture of certain locations

Date Announced:
7/13/2009

client:
Pilot Travel Centers LLC

Status:
Closed – 6/2010

Value:
$1.6 billion

New Vision Television, Inc.’s Chapter 11 Reorganization

Date Announced:
7/12/2009

client:
New Vision Television, Inc.

Status:
Closed – 9/2009

Value:
$409 million

Thule AB’s sale of Thule Towing Systems LLC to GRLC LLC

Date Announced:
6/25/2009

client:
Thule AB

Status:
Closed – 7/2009

Value:
Undisclosed

Transactions &
Case Studies


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